HOBOKEN, N.J. — Northern New Jersey-based investment firm Faropoint has sold a national portfolio of 109 industrial properties totaling approximately 6.8 million square feet of $481 million. The properties are largely concentrated in Atlanta, Houston, Philadelphia and Memphis and feature an average building size of 62,000 square feet. At the time of sale, the portfolio was 98 percent leased to roughly 200 local, regional and national tenants. The buyer was not disclosed. Eastdil Secured served as Faropoint’s financial advisor on the deal.
FORT LEE, N.J. — Cushman & Wakefield has brokered the $51.7 million sale of The Sterling, a 128-unit multifamily property located in the Northern New Jersey community of Fort Lee. The community’s unit mix consists of 14 studios, 56 one-bedroom apartments, 56 two-bedroom residences and two four-bedroom units. Communal amenities include an updated lobby, pool and laundry facilities. Niko Nicolaou, Brian Whitmer, Ryan Dowd and Will Gerlin of Cushman & Wakefield represented the undisclosed seller and procured the buyer, Blue Diamond Equities, in the transaction.
COLONIE, N.Y. — Locally based developer Crisafulli Associates has broken ground on The Montage, a 114-unit multifamily project located in the upstate New York community of Colonie. The Montage will offer studio, one- and two-bedroom units that will be reserved for renters age 55 and older. Residences will feature stainless steel appliances, quartz countertops, individual washers and dryers and covered porches or balconies. Amenities will include a pool, fitness center, outdoor grilling stations, a billiards lounge, private dining room, walking trails and a dog park. Albany-based Capital Bank provided $22 million in construction financing for the project, which is slated for a fall 2023 completion.
FREEHOLD, N.J. — Los Angeles-based Thorofare Capital has provided a $28.5 million construction loan for a 206,881-square-foot industrial project that will be located in Freehold, an eastern suburb of Trenton. The facility will feature a clear height of 36 feet. The loan carries a two-year initial term and flexible prepayment options. The name of the locally based borrower was not disclosed.
BOSTON — A fund sponsored by CBRE Investment Management has acquired a majority interest in a 132,000-square-foot life sciences building located at 300 Third St. in Boston’s Kendall Square neighborhood. The six-story building was originally constructed in 2000 and includes both traditional office and lab space that was recently renovated, as well as ground-floor retail space. The property was fully leased to an undisclosed pharmaceutical company at the time of sale. The percentage of the interest was not disclosed.
SOMERVILLE, MASS. — Colliers Capital Markets has arranged $192.5 million in construction financing for the development of 100 Chestnut Street. The life sciences project totals 208,616 rentable square feet in the Brickbottom District of Somerville, a first-ring suburb of Boston. The plans also call for nearly 8,500 square feet of ground-floor retail space and two levels of below-grade parking. The borrower, North River Leerink (NRL), is developing the property as part of a larger mixed-use “campus for discovery and innovation,” which will include labs, creative offices and retail space on 4.5 acres of contiguous land. Scheduled for completion in summer 2023, the four-story, Gensler-designed facility will be built to LEED Platinum standards. Square Mile Capital Management provided the construction funds. Jeff Black, Kevin Phelan, Sean Burke and Bryan Koop led the Colliers Capital Markets team representing the borrower. “This financing marks a major milestone for the transformation of Somerville’s Brickbottom District into a world-class hub for innovation and wellness,” says Black. “Metro Boston remains the most active and liquid life sciences market in the world, and 100 Chestnut Street is well-positioned to catalyze the region’s next great ecosystem.” The site runs parallel to 150 & 200 Inner Belt Road, a …
By Brian Katz (CEO), Amy Staats (vice president), Jonathan Greenberg (director), Adam Caplan (director) and Hugh Scullin (vice president) of Katz & Associates The Northern New Jersey retail real estate market has been flourishing in the post-COVID-19 era. Inventory continues to shrink across the board, with exceptional demand for drive-thru locations and mid-size boxes. Furthermore, the modern, well-anchored neighborhood and power centers seldom have more than one or two small shop vacancies. Some categories in high demand include discount apparel, grocery, food, health and beauty, fitness and medical. Northern New Jersey specifically benefits from its critical mass and its ease of access to main roads and points of entry. Tenants that have been able to refocus and adapt have thrived in a market that already has a lot going for it. Simply put, the post-COVID bounce has been better than we could have imagined, and from a company standpoint, the pipeline of deals that are in the works or have closed has been among the strongest in our history. Leasing Activity Leasing activity is up. Market adjustments aside, leasing activity has pretty much returned to pre-pandemic levels. In some instances, it’s even easier to get deals across the finish line …
ABINGTON, KINGSTON AND ORLEANS, MASS. — Boston-based Atlantic Capital Partners, a division of Atlantic Retail, has arranged the $84.2 million sale of three shopping centers located on the southern outskirts of the state capital. The properties in Abington, Kingston and Orleans are all anchored by grocers and were collectively 97 percent leased at the time of sale. Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.
FAIRFIELD, CONN. — New Jersey-based developer Accurate has acquired a mixed-use development site located adjacent to the Metro North train station in the southern coastal community of Fairfield. The 24-acre site, which has been branded The Crossings at Metro Station, is fully approved for 357 multifamily units, a 118-room hotel, 70,000 square feet of office space and 40,000 square feet of retail space. Louis Zuckerman, Patrick Colwell and Jeffrey Dunne of CBRE represented the seller of the site, Blackrock Realty LLC, in the land transaction while also procuring Accurate as the buyer. Construction could begin as early as the end of July or the beginning of August.
EAST RUTHERFORD, N.J. — Denver-based EverWest Real Estate Investors has purchased a 117,000-square-foot warehouse in the Northern New Jersey community of East Rutherford for $37.1 million. Building features include a clear height of 26 feet, 10 dock-high doors, one drive-in door and 16,000 square feet of office space. The seller, cleaning and sanitizing products provider Diamond Chemical, will continue to lease the space as the building’s sole occupant.